Elon Musk, who has a 9.2% stake and has himself voiced suggestions and criticism of Twitter on the platform, will not sit on the board
Elon Musk will not join Twitter’s board despite buying a 9.2% stake in the company.
Musk was appointed to the board on Tuesday after it was revealed he had invested in the social media giant.
Since then, the Tesla CEO has posted a series of open-ended questions about the site’s present and future, suggesting new features, highlighting problem areas, and cracking jokes.
But Twitter CEO Parag Agrawa announced today that Musk would not be joining the board after a series of talks.
Musk is known for his social media activity, where he randomly speculates on the Tesla price or Bitcoin, speculations that can have a huge impact among his 81 million followers.
He’s had his ankles wrapped by the SEC for some of his tweets, and he once referred to one of the Thai rescue teams as a “pedo” for no reason.
Mr. Agrawa wrote: “The board and I have had many discussions regarding Elon joining the board and directly with Elon. We were enthusiastic about the cooperation and were aware of the risks.
“We also believe that having Elon as a trustee of the company, where he, like all board members, must act in the best interests of the company and all of our shareholders, has been the best course of action. The board offered him a seat.
“Elon’s appointment was to officially take effect on September 4, but Elon announced that same morning that he would no longer be joining the board.
“I think that’s for the best. We have and always will value the input of our shareholders, whether they are on our board of directors or not. Elon is our largest shareholder and we will remain open to their input.”
The surprising moves come a day after Musk proposed a series of changes to the social media giant’s premium subscription service, Twitter Blue — including lowering the price and allowing users to pay with the cryptocurrency Dogecoin.
“The price should be likely [less than] $2/month but prepaid 12 months and account will be unticked for 60 days (watch out for credit card chargebacks) and suspended with no refund if used for fraud/spam,” tweeted Mr. Musk.
“And no ads,” Mr Musk suggested. “Corporate power to dictate policy is greatly enhanced when Twitter depends on advertising money to survive.”
Mr Musk also launched a poll on his Twitter account asking if the company’s San Francisco headquarters should be converted into a homeless shelter since “no one is showing up (to work there)”.
The poll received more than 300,000 votes in an hour, with 90% answering yes.
https://www.mirror.co.uk/news/us-news/breaking-elon-musk-wont-join-26682663 Elon Musk WILL NOT join the Twitter board despite buying a large stake in the social media giant